Northland Capital Markets Downgrades Yelp (YELP) to Market Perform

Northland Capital Markets downgraded Yelp (NYSE: YELP) from Outperform to Market Perform with a price target of $55.00 (from $90.00).

Analyst Darren Aftahi commented, "Downgrading from Outperform to Market Perform; lowering target from $90 to $55. The combination of continued decelerating unique user growth and somewhat unexpected increased marketing spend for brand awareness (and hence lower than expected FY’15 EBITDA) causes us to move to the sidelines. While the growth story is still intact, we would like to see re-acceleration of mobile user growth in order for us to get more constructive."

The firm cut FY 2015 EPS from $0.34 to $0.14.

For an analyst ratings summary and ratings history on Yelp click here. For more ratings news on Yelp click here.

Shares of Yelp closed at $57.47 yesterday.

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